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Sentiment · FY2026 Q4
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Andrew Lazar | Barclays | 10 (30%) |
| Chris Carey | Wells Fargo | 9 (22%) |
| Max Gumport | BNP Paribas | 8 (13%) |
| Peter Galbo | Bank of America | 8 (38%) |
| Tom Palmer | JPMorgan | 8 (25%) |
| Rob Moskow | TD Cowen | 7 (29%) |
| Alexia Howard | Bernstein | 7 (0%) |
| Leah Jordan | Goldman Sachs | 6 (0%) |
| Scott Marks | Jefferies | 5 (0%) |
| Dave Palmer | Evercore ISI | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 11 (18%) |
| Barclays | 2 | 11 (27%) |
| Bank of America | 3 | 10 (30%) |
| Wells Fargo | 1 |
| 9 (22%) |
| BNP Paribas | 1 | 8 (13%) |
| Bernstein | 1 | 7 (0%) |
| TD Cowen | 1 | 7 (29%) |
| Goldman Sachs | 1 | 6 (0%) |
Conagra's FY2026-Q3 marked the return to positive organic net sales growth as frozen share recovery neared completion with 88% of the business holding or gaining share and R&F volumes up 3.9%. Operating margin is now expected at the high end of the guided range, supported by productivity exceeding 5% and inflation tracking as expected. Free cash flow conversion was raised to 105% from 100%, driven by inventory reduction and cash tax efficiency. War-driven macro uncertainty clouds the forward outlook, with animal protein coverage at only about 15% for next fiscal year and a tariff mitigation wrap headwind of $40-80 million expected.
Demand | Margin | Pricing | Competitive Dynamics | Cost Pressure | Revenue Growth | Supply Chain | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 1 | 6 | 9 | 1 | 7 | 1 | 1 |
| 2025Q3 | 4 | 1 | 2 | 4 | 1 | 3 | 1 | |
| 2025Q4 | 4 | 6 | 7 | 1 | 2 | 2 | 2 | |
| 2026Q2 | 7 | 5 | 2 | 3 | 2 | 3 | 3 | 2 |
| 2026Q3 | 3 | 4 | 2 | 1 | 6 | 2 | 3 | 3 |
| '25Q1 | '25Q3 | '25Q4 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|
| Demand | 5 | 4 | 4 | 7 | 3 |
| Margin | 1 | 1 | 6 | 5 | 4 |
| Pricing | 6 | 7 | 2 | 2 | |
| Competitive Dynamics | 9 | 2 | 1 | 3 | 1 |
| Cost Pressure | 1 | 4 | 2 | 2 | 6 |
| Revenue Growth | 7 | 1 | 3 | 2 | |
| Supply Chain | 1 | 3 | 2 | 3 | 3 |
| Capital Allocation | 1 | 1 | 2 | 2 | 3 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $2.79B | -3.8% | $0.97 | +44.8% | 26.5% | 14.4% | 16.7% | $136M |
| FY2025 Q2 | $3.20B | -0.4% | $0.59 | -1.7% | 26.5% | 12.6% | 8.9% | $403M |
| FY2025 Q3 | $2.84B | -6.3% | $0.30 | -53.1% | 25.0% | 9.4% | 5.1% | $503M |
| FY2025 Q4 | $2.78B | -4.3% | $0.53 | +144.9% | 25.4% | 13.5% | 9.2% | $261M |
| FY2026 Q1 | $2.63B | -5.8% | $0.34 | -64.9% | 24.3% | 13.2% | 6.2% | $-26M |
| FY2026 Q2 | $2.98B | -6.8% | $-1.39 | -335.6% | 23.4% | 12.5% | -22.3% | $139M |
| FY2026 Q3 | $2.79B | -1.9% | $0.42 | +40.0% | 23.6% | 10.0% | 7.2% | $469M |
| FY2026 Q4 | $2.88B | +3.6% | $-3.37 | -735.8% | 24.3% | -91.2% | -56.1% | $397M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CAG and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“areas like Ardent Mills, where although our equity profit is off $0.10, our cash is on plan.”
Conagra's Ardent Mills flour-milling JV saw equity profit fall $0.10 as low wheat prices/volatility cut commodity-trading gains, though cash distributions held to plan.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CAG Conagra Brands | 5 | -1.9% | |
| CPB Campbell Soup Company | 1 | -4.5% | |
| GIS General Mills | 4 | -8.4% | |
| HRL Hormel Foods | 6 | +1.3% | |
| KHC Kraft Heinz | 4 | +0.8% | |
| MKC McCormick & Company | 6 | +16.7% | |
| SJM J.M. Smucker Company (The) | 5 | +7.0% |